The Nigeria Revenue Service (NRS) has announced that it generated ₦21.6 trillion in the first half of 2026, representing a 49% year‑on‑year increase. The Federal agency said the new feat is driven by sweeping tax reforms, digitalisation of tax administration, and changes to oil revenue remittances.
The agency further averred that Nigeria is well-positioned to exceed its fiscal goals, having already achieved 53% of its annual ₦40.7 trillion revenue target within the first six months. This robust fiscal performance highlights the rapid stabilisation of Nigeria’s macroeconomic environment under recent structural adjustments.
Additional details provided by NRS included the fact that annual collections climbed steadily from ₦12.3 trillion in 2023 to ₦21 trillion in 2024 and ₦28.3 trillion in 2025. Maintaining the current trajectory through the second half of 2026 would yield an estimated ₦43.2 trillion, outperforming the state budget goal by roughly ₦2.5 trillion.
Legislative Overhaul:
Implementation of four major statutory frameworks took effect on January 1, 2026—the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Establishment Act, and Joint Tax Board Establishment Act.
Institutional Consolidation:
Transforming the Federal Inland Revenue Service (FIRS) into the centralised NRS, integrating diverse non‑tax revenue lines previously managed by separate agencies.
System Digitalisation:
Rolling out a unified national e‑invoicing framework drastically lowered compliance gaps among large corporate taxpayers.
Remittance Loophole Closures:
Executive Order 9, enacted in February 2026, eliminated upstream oil and gas deduction gaps. This single policy pushed monthly Federation Account inflows up by 60%, climbing from ₦1.8 trillion to ₦2.88 trillion by March. Continue reading in the comments section. #nigeria24
